Iberdrola Emerges as Contender to Buy Cleco

Spanish Power Company Among Second-Round Bidders for Louisiana Utility

Spain's Iberdrola SA has emerged as a contender to buy Louisiana-based power company Cleco Corp., according to people familiar with the matter.

Iberdrola is among a small group of second-round bidders for Pineville, La.-based Cleco, which has a market capitalization of about $3.3 billion and said in June that it was reviewing proposals from interested parties. It is unclear which other bidders remain.